ACCESS Newswire
01 Aug 2022, 11:44 GMT+10
TORONTO, ON / ACCESSWIRE / August 1, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the year ended 31 March 2022.
Results Highlights:
Financials
Corporate
Operations
South Africa - Block 2B
South Africa - Block 3B/4B
Guyana - Orinduik Block
Guyana - Canje Block
Namibia
Solear Ltd. (formerly Eco Atlantic Renewables [post period end])
Outlook:
Guyana
The Orinduik JV partners are Eco Atlantic (15% working interest ('WI')), Tullow Guyana B.V. ('Tullow') (Operator, 60% WI) and TOQAP Guyana B.V. ('TOQAP') (25% WI) a partnership between TotalEnergies E&P Guyana B.V. and Qatar Energy.
Namibia
Total Voting Rights
It is noted that, pursuant to a historic amalgamation with Pan African Oil Limited ('PAO') within the Group, effected in January 2015, 841,824 outstanding common shares in the Company have now been cancelled as a result of such shares having not been claimed by certain vendors of PAO. Following this share cancellation, the issued share capital and total voting rights of the Company is 344,022,014 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
'The past 12 months have seen us make considerable progress as a business, increasing our geographic footprint and overall acreage considerably, growing the company in some of the most active and exciting oil and gas exploration regions on the globe. This, combined with the improved commodity price conditions, means that interest in exploration activity in the areas where Eco has strategically important acreage has increased significantly.
'Our acquisition of Azinam has paved the way for our exciting near-term drilling campaign at Block 2B, offshore South Africa. The Gazania-1 well, in which we hold a 50% WI, is targeting a 300 million barrel light oil resource, which, if successful, would be transformational for Eco and the partners on the Block. We remain on track to spud the well in September with the rig mobilising from Norway in the next two weeks and we will provide updates as appropriate. At 3B/4B, we chose to increase our acreage position, as we believe that the licence holds significant potential, and we look forward to disclosing further progress on this licence in the medium term. Namibia has witnessed some of the largest hydrocarbon discoveries made in the world this year, making our strategic acreage in country highly valuable. As one of the largest licence holders in the region, we believe that we will be able to progress our operations in a swift manner.
'In Guyana, we continue to benefit from our interest in the Canje Block, via Eco's ca.7.3% holding in JHI. The licence remains highly prospective and following the drilling of two wells in 2021, ExxonMobil and the licence partners are currently evaluating next steps. At Orinduik, alongside our partners on the block, we are further defining the geological modeling, prospects maturation and upgrading of the light oil drilling targets inventory, ahead of final target selection for drilling in the next campaign. We look forward to updating our stakeholders on the campaign in the near to medium term while we are making preparations to enter into the next exploration phase under the Orinduik Petroleum Agreement.
'Following the targeted completion of the sale of the Kozani Photovoltaic Park for a total of €1.8 million in the coming months, the Company will be exclusively focused on high impact oil and gas exploration projects and on progressing its near-term drilling opportunities offshore South Africa, Namibia and Guyana.
'Given the significant corporate activity over the last 12-18 months, as a Company we remain very positive about what the future holds and our ability to generate returns for all our stakeholders. The Company possesses highly strategic acreage in exploration hot spots, a robust balance sheet with over US$37m in cash, an entrepreneurial and ambitious management team, and the potential for considerable operational catalysts that can create material and sustainable value for shareholders. As ever, we are excited about what the coming months will bring and look forward to updating the market on our progress over the coming months.'
The Company's audited financial results for the year ended 31 March 2022, together with Management's Discussion and Analysis as at 31 March 2022, are available to download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.
The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.
The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.
Balance Sheet
Income Statement
Cash Flow Statement
**ENDS**
For more information, please visit www.ecooilandgas.com or contact the following:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company holds a 15% Working Interest in the 1,800 km2 Orinduik Block Operated by Tullow Oil. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working interest in Block 2B and a 20% Working Interest (to be increased to a 26.25% Working Interest, subject to Completion of the Acquisition announced 27 June 2022) in Blocks 3B/4B operated by Africa Oil Corp., totalling some 20,643 km2.
Cautionary Notes:
This news release contains certain 'forward-looking statements', including, without limitation, statements containing the words 'will', 'may', 'expects', 'intends', 'anticipates' and other similar expressions which constitute 'forward-looking information' within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectations, assumptions, and beliefs, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market factors, competition, the effect of the global pandemic and consequent economic disruption, and the factors detailed in the Company's ongoing filings with the securities regulatory authorities, available at www.sedar.com. Although forward-looking statements contained herein are based on what management considers to be reasonable assumptions based on currently available information, there can be no assurance that actual events, performance or results will be consistent with these forward-looking statements, and our assumptions may prove to be incorrect. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable laws.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: Eco (Atlantic) Oil and Gas Ltd.
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